Miller Industries Inc【MLR】株式ニュース

MILLER INDUSTRIES REPORTS 2026 FIRST QUARTER RESULTSMay 6, 2026 4:15 PM
PR Newswire (US) Sequential Revenue Growth Driven by Disciplined Production IncreasesOoltewah Capacity Expansion on TrackStrong Cash Flow Supports Capacity Expansion, Debt Reduction, and Shareholder ReturnsBoard of Directors Approves Dividend of $0.21 per ShareCHATTANOOGA, Tenn., May 6, 2026 /PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) ("Miller Industries" or the "Company") today announced financial results for the first quarter ended March 31, 2026, and provided updates on its global strategic initiatives.Q1 2026 Financial Results vs. Q1 2025Revenue: $180.9 million, a 19.8% decrease from $225.7 millionGross Profit: $25.7 million, a 24.3% decrease from $33.9 millionGross Margin: 14.2%, an 80 basis-point decrease from 15.0%SG&A Expenses: $23.9 million, a 3.0% increase from $23.3 millionNet Income: $555 thousand, a 93.1% decrease from $8.1 millionDiluted EPS: $0.05 per share, a decrease of 92.8% from $0.69 per diluted shareIn addition, Miller Industries acquired Omars in the fourth quarter of fiscal 2025. Based on preliminary valuation estimates, non-cash acquisition-related expenses associated with Omars—primarily tied to the sale of equipment adjusted to fair market value and amortization of the estimated intangible value of customer relationships—negatively impacted the Company's financial results for the first fiscal quarter of 2026 by approximately $0.13 per diluted share. The Company currently anticipates that this amount represents roughly one half of the total acquisition-related expenses expected to be recognized over the remainder of 2026. Miller Industries remains confident that the acquisition will be accretive in the first year after recognizing these non-cash acquisition–related expenses. The Company continues to work with its third–party valuation consultants, and the final amount to be expensed will be finalized upon completion of their analysis.First Quarter Business HighlightsDelivered sequential revenue growth as the Company increased production to meet rising order intake.Advancing site preparation for capacity expansion at Ooltewah to significantly enhance North American production capacity and support manufacturing for European and military operations; site expected to be ready for construction to begin by late summer.Continued strong cash flow generation, supporting the capacity expansion, continued debt reduction and returns of capital to shareholders.Returned $4.6 million directly to shareholders in the form of dividends and share repurchases during the quarter."First–quarter performance was consistent with our expectations, as we continued to carefully increase production in response to improving retail activity and order flow, driving sequential revenue growth," said William G. Miller II, Chief Executive Officer. "Near–term profitability continues to reflect elevated acquisition–related costs associated with Omars; however, we expect these expenses to moderate as the year progresses. Importantly, the business continued to generate solid cash flow, further strengthening our balance sheet and financial flexibility."Miller continued, "Late in the quarter, rising geopolitical tensions in the Middle East led to higher diesel prices and increased macroeconomic uncertainty, which began to pressure retail demand. In response, we proactively paused our planned North American production increases at current levels to maintain balanced distributor inventory. While we expect these conditions to continue to impact both revenue and profitability in the second quarter of 2026, we remain cautiously optimistic that improving retail activity in the second half of the year will position us to achieve our full–year 2026 outlook."Ooltewah, TN Manufacturing Capacity Expansion
To support future growth, European needs and defense production commitments, Miller Industries previously announced the addition of a new 200,000+ sq ft facility at its Ooltewah headquarters site, at a cost of approximately $100 million. As the Company expects to continue its strong cash generation, Miller Industries anticipates funding the majority of this expansion through operating cash flow over the next several years.This expansion is intended to:1. Increase Overall Production Capacity and EfficiencyWith distributor inventories returning to historically average levels, production volumes are expected to rise in the second half of 2026 and return to a steady level to meet retail deliveries.The new facility will significantly expand output capacity to meet growing domestic and international demand, reduce lead times, and reinforce Miller Industries' global leadership in heavy–duty recovery vehicle technology.In particular, the expansion will increase output capacity for heavy–duty recovery units, which remain the Company's largest global export.2. Support European Demand Through U.S. Backfill, Integrated Capacity, and Regional ExpansionU.S. production will continue to serve as a critical backbone for European demand with the addition of Omars, the expansion of Jige's heavy–duty integration, and production enhancements at the Company's Boniface facility.The combination of Jige expansion, Omars integration, and Boniface growth supported by U.S. backfill capability will help to ensure production stability, improved lead times, and a fully integrated supply strategy globally.3. Prepare for Higher-Volume Global Military ProductionWith more than $150 million in military commitments and additional global RFQs underway, the new facility will be capable of supporting higher-volume global defense–grade recovery vehicle production.Military programs production is scheduled to begin in 2027 and accelerate into 2028 and 2029, requiring enhanced capacity, specialized equipment, and advanced production flow capabilities.Return of Capital to Shareholders
The Company's Board of Directors approved a quarterly cash dividend of $0.21. The dividend is payable June 8, 2026, to shareholders of record as of June 1, 2026, and represents the sixty-second consecutive quarter that Miller Industries has paid a dividend. Additionally, Miller Industries repurchased approximately $2.2 million of stock during the first quarter of 2026.Pricing Actions and Cost Environment Update
Miller Industries continues to experience ongoing pricing pressure driven by tariff impacts, regulatory and compliance requirements, and the elevated cost structure associated with manufacturing in the U.S. While the Company implemented a surcharge in April 2025 to partially offset these pressures, continued cost increases have exceeded the coverage provided by that surcharge.As a result, the Company announced that the existing surcharge will be rolled into its standard pricing structure. In addition, Miller Industries will implement a 3% price increase on all manufactured products invoiced after July 31, 2026. These actions are intended to better align pricing with the current cost environment while supporting continued investment in U.S. manufacturing, product quality, safety, and regulatory compliance.Management remains focused on disciplined cost control and operational efficiency initiatives; however, these pricing adjustments are necessary to help mitigate ongoing margin pressure and maintain the long–term sustainability of Miller Industries' domestic manufacturing operations.2026 Guidance and Production Outlook
The Company is re-affirming its previously issued revenue guidance of $850 million to $900 million for full year 2026 and expects earning per share to be generally in line with full year 2025 results.Given geopolitical tensions in the Middle East and resulting higher diesel prices, Miller Industries expects production volumes to be weighted toward the second half of 2026. While macroeconomic conditions remain dynamic, the Company remains optimistic that revenue will approach $250 million per quarter by the second half of 2026. Gross margins are expected to return to historical levels in the mid-13% range for full year 2026, with revenue mix shifting toward historical levels of bodies and chassis.The statements in the 2026 guidance and production outlook provided above are forward looking. Actual results may differ materially. See our cautionary note regarding "forward-looking statements" below.Conference Call
The Company will host a conference call, which will be simultaneously broadcast live over the Internet. The call is scheduled for tomorrow, May 7, 2026, at 10:00 AM ET. Listeners can access the conference call live and archived over the Internet through the following link:https://app.webinar.net/NZVRAYXeQbW Please allow 15 minutes prior to the call to visit the site, download, and install any necessary audio software. A replay of this call will be available approximately one hour after the live call ends through Thursday, May 21, 2026. The replay number is 1-844-512-2921, Passcode 1182125.About Miller Industries, Inc.
Miller Industries is The World's Largest Manufacturer of Towing and Recovery Equipment®, and markets its towing and recovery equipment under a number of well-recognized brands, including Century®, Vulcan®, Chevron™, Holmes®, Challenger®, Champion®, Jige™, Boniface™, Omars™, Titan® and Eagle®.Forward-Looking Statements
Certain statements in this news release may be deemed to be forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "may", "will", "should", "could", "continue", "future", "potential", "believe", "project", "plan", "intend", "seek", "estimate", "predict", "expect", "anticipate" and similar expressions, or the negative of such terms, or other comparable terminology and include, without limitation: any statements relating to our 2026 guidance and expected production levels (including under the heading "2026 Guidance and Production Outlook"); the growth and effect of the drivers of our long-term business performance; our future production capacity expansion plans (including the timing thereof and anticipated impact on our business); future customer demand levels; acquisition related costs and the success and timing of integration plans associated with Omars; our priorities relating to capital allocation; increases in the Company's product pricing, including the timing and success thereof; expectations regarding the industry cost environment and the Company's cost control and operational efficiency initiatives; and any potential upside from pending military contracts and their potential effect on revenue and earnings growth. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements also include the assumptions underlying or relating to any of the foregoing statements. Such forward-looking statements are made based on our management's beliefs as well as assumptions made by, and information currently available to, our management. Our actual results may differ materially from the results anticipated in these forward-looking statements due to, among other things: our dependence upon outside suppliers for component parts, chassis and raw materials, including aluminum, steel, and petroleum-related products leaves us subject to changes in price and availability, the cadence and quantity of deliveries from our suppliers, and delays in receiving supplies of such materials, component parts or chassis; our customers' and towing operators' access to capital and credit to fund purchases; the continuing impact of existing tariffs, the implementation of new or increased tariffs and any resulting trade wars, and any resulting macroeconomic uncertainty; the rising costs of equipment ownership, including continuing increases in insurance premiums and elevated interest rates that have added cost pressures to our end users, and fluctuations in the value of used trucks; macroeconomic trends, availability of financing, and changing interest rates; our customers' ability to fund purchases of our products; various international political, economic and other uncertainties, including as a result of new or ongoing military conflicts in the Middle East and Ukraine, which may continue to adversely impact our customer spending patterns; volatility in fuel and other transportation costs, including as a result of the geopolitical tensions in the Middle East and the disruptions in international shipping through the Strait of Hormuz; increases in the cost of skilled labor; risks relating to our indebtedness, including our ability to maintain compliance with the covenants in our credit facility; special risks from our sales to U.S. and other governmental entities through prime contractors; the cyclical nature of our industry and changes in consumer confidence and in economic conditions in general; changes in insurance costs and weather conditions; competition in our industry and our ability to attract or retain customers; changes in government regulations, including environmental and health and safety regulations; our ability to develop or acquire proprietary products and technology; assertions against us relating to intellectual property rights; changes in the tax regimes and related government policies and regulations in the countries in which we operate; our dependence on the continued participation and level of service of our numerous independent distributors; the catastrophic loss of one of our manufacturing facilities; risks relating to acquisitions; environmental and health and safety liabilities and requirements; failure to comply with domestic and foreign anti-corruption laws; loss of the services of our key executives; the effects of regulations relating to conflict minerals; product warranty or product liability claims in excess of our insurance coverage; potential recalls of components or parts manufactured for us by suppliers or potential recalls of defective products; an inability to acquire insurance at commercially reasonable rates; fluctuations of our stock price and involvement with activist shareholders; a disruption in, or breach in security of, our information technology systems or any violation of data protection laws; risks related to our use of artificial intelligence, including generative artificial intelligence and machine learning; and those other risks discussed in our filings with the Securities and Exchange Commission, including those risks discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q, which discussion is incorporated herein by this reference. Such factors are not exclusive. We do not undertake to update any forward-looking statement that may be made from time to time by, or on behalf of, the Company.MILLER INDUSTRIES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF INCOME  (In thousands, except per share data) (Unaudited)

Three Months Ended

March 31

%

2026
2025
ChangeNET SALES
$180,863
$225,651
(19.8) %

COST OF OPERATIONS

155,181

191,707
(19.1) %

GROSS PROFIT

25,682

33,944
(24.3) %

OPERATING EXPENSES:

Selling, General and Administrative Expenses

23,949

23,260
3.0 %

NON-OPERATING (INCOME) EXPENSES:

Interest Expense, Net

145

95
52.6 %

Other (Income) Expense, Net

(15)

(202)
92.6 %

Total Expense, Net

24,079

23,153
4.0 %

INCOME BEFORE INCOME TAXES

1,603

10,791
(85.1) %

INCOME TAX PROVISION

1,048

2,726
(61.6) %

NET INCOME
$555
$8,065
(93.1) %

BASIC INCOME PER SHARE OF COMMON STOCK
$0.05
$0.70
(92.9) %

DILUTED INCOME PER SHARE OF COMMON STOCK
$0.05
$0.69
(92.8) %

CASH DIVIDENDS DECLARED PER SHARE OF COMMON STOCK
$0.21
$0.20
5.0 %

WEIGHTED-AVERAGE SHARES OUTSTANDING:

Basic

11,387

11,450
(0.6) %Diluted

11,528

11,614
(0.7) % MILLER INDUSTRIES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)

March 31,
December 31,
2026(Unaudited)
2025ASSETS

CURRENT ASSETS:

Cash and cash equivalents$52,973
$44,682Accounts receivable, net of allowance for credit losses of $1,944 and $1,876 as of March 31, 2026 and
December 31, 2025, respectively
186,572

198,261Inventories, net
172,494

184,231Prepaid expenses
18,061

12,409Total current assets
430,100

439,583NON-CURRENT ASSETS:

Property, plant and equipment, net
127,842

123,808Right-of-use assets - operating leases
1,783

276Goodwill
20,259

20,073Other assets
5,603

5,927TOTAL ASSETS$585,587
$589,667

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:

Current portion of long-term debt$2,176
$2,246Accounts payable
85,791

78,548Accrued liabilities
56,215

55,602Current portion of operating lease obligation
348

176Total current liabilities
144,530

136,572NON-CURRENT LIABILITIES:

Long-term obligations
21,030

31,055Non-current portion of operating lease obligation
1,435

100Deferred income tax liabilities
1,335

1,370Total liabilities
168,330

169,097

SHAREHOLDERS' EQUITY:

Preferred stock, $0.01 par value per share:

   Authorized – 5,000,000 shares, Issued and outstanding – none
—

—Common stock, $0.01 par value per share:

   Authorized – 100,000,000 shares, Issued and outstanding – 11,395,716 and 11,371,730 shares as of
March 31, 2026 and December 31, 2025, respectively
114

114Additional paid-in capital
150,826

153,046Retained earnings
266,965

268,798Accumulated other comprehensive loss
(648)

(1,388)Total shareholders' equity
417,257

420,570TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$585,587
$589,667 View original content:https://www.prnewswire.com/news-releases/miller-industries-reports-2026-first-quarter-results-302764646.htmlSOURCE Miller Industries, Inc. Original: MILLER INDUSTRIES REPORTS 2026 FIRST QUARTER RESULTS

MILLER INDUSTRIES REPORTS 2025 FOURTH QUARTER AND FULL YEAR RESULTSMarch 4, 2026 4:15 PM
PR Newswire (US)

Completed Acquisition of Omars to Expand the Company's European FootprintEnded 2025 with More Than $150 Million in Global Military CommitmentsApproved Significant Capacity Expansion at Ooltewah Facility to Support Future GrowthBoard of Directors Approves 5% Increase in Dividend to $0.21 per ShareCHATTANOOGA, Tenn., March 4, 2026 /PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) ("Miller Industries" or the "Company") today announced financial results for the fourth quarter and full year ended December 31, 2025, and provided updates on its global strategic initiatives.Q4 2025 Financial Results vs. Q4 20241Revenue: $171.2 million, a 22.9% decrease from $221.9 millionGross Profit: $26.5 million, a 20.7% decrease from $33.5 millionGross Margin: 15.5%, a 40 basis point increase from 15.1%SG&A Expenses: $21.1 million, a 7.1% increase from $19.7 millionNet Income: $3.4 million, a 67.6% decrease from $10.5 millionDiluted EPS: $0.29 per share, a decrease of 67.6% from $0.91 per diluted shareFourth Quarter Business HighlightsCompleted the acquisition of Omars—S.p.A., a manufacturer of light-duty, medium-duty and heavy-duty recovery vehicles and car carriers based in Italy with a well-recognized European brand.Continued the growth of the Company's military production business; ended 2025 with $150 million in military commitments for heavy–duty recovery products, with production beginning in 2027 and the majority of revenue expected in 2028 and 2029.Investing in European production capability through the ongoing €8 million expansion of production at Jige – which is expected to double its heavy–duty integration capacity – while investing in production efficiencies at Boniface for light- and heavy-duty units.Began preparation for construction of a new manufacturing facility at the Company's Ooltewah headquarters, which is expected to be production–ready in late 2027 to significantly enhance North American production capacity and manufacturing support for the Company's European operations and military production.

1 All comparisons are made to prior year period unless otherwise specified"We are extremely proud of how our team executed throughout 2025," said William G. Miller II, Chief Executive Officer. "From normalizing distributor inventory levels to strengthening our European footprint and preparing for major military programs, we enter 2026 with tremendous momentum."Miller continued, "Our manufacturing expansion in Ooltewah, combined with our European investments and disciplined financial approach, should position us to meet global demand, and continue delivering value to our shareholders for years to come."Ooltewah, TN Manufacturing Capacity Expansion
To support future growth, European needs and defense production commitments, Miller Industries announced that it is adding a new 200,000+ sq ft facility at its Ooltewah headquarters site, at a cost of approximately $100 million. As the Company expects to continue its strong cash generation, Miller Industries anticipates funding the majority of this expansion through operating cash flow over the next several years.This expansion is intended to:1. Increase Overall Production Capacity and EfficiencyWith distributor inventories returning to historically average levels, production volumes are expected to rise meaningfully throughout the first and second quarters of 2026 and return to a steady level to meet retail deliveries.The new facility will significantly expand output capacity to meet growing domestic and international demand, reduce lead times, and reinforce Miller Industries' global leadership in heavy–duty recovery vehicle technology.In particular, the expansion will increase output capacity for heavy–duty recovery units, which remain the Company's largest global export.2. Support European Demand Through U.S. Backfill, Integrated Capacity & Regional ExpansionU.S. production will continue to serve as a critical backbone for European demand with the addition of Omars, the expansion of Jige's heavy–duty integration, and production enhancements at the Company's Boniface facility.The combination of Jige expansion, Omars integration, and Boniface growth supported by U.S. backfill capability will help to ensure production stability, improved lead times, and a fully integrated supply strategy globally.3. Prepare for Higher-Volume Global Military ProductionWith more than $150 million in military commitments secured and additional global RFQs underway, the new facility will be capable of supporting higher-volume global defense–grade recovery vehicle production.Military programs production is scheduled to begin in 2027 and accelerate into 2028 and 2029, requiring enhanced capacity, specialized equipment, and advanced production flow capabilities.Return of Capital to Shareholders
The Company's Board of Directors approved a quarterly cash dividend of $0.21, a 5% increase from the $0.20 dividend declared in the prior year period. The dividend is payable March 23, 2026, to shareholders of record as of March 16, 2026, and represents the sixty-first consecutive quarter that Miller Industries has paid a dividend. Additionally, Miller Industries repurchased approximately $2.2 million of stock during the fourth quarter of 2025, and paid $15.1 million in total dividends and share repurchases in 2025 as part of its commitment to driving shareholder value creation.2026 Guidance and Production Outlook
The Company expects to generate $850 million to $900 million in revenue for the full year 2026.With distributor inventories returning to historical average levels during 2025, Miller Industries expects 2026 production volumes to begin at approximately fourth quarter 2025 levels, with manufacturing activity increasing throughout the first and second quarters. Production volumes are expected to meet retail activity levels in the third and fourth quarter of 2026, with revenue approaching $250 million per quarter by the second half of 2026. As product shifts to a historical percentage of manufactured product and chassis, gross margins are expected to return to historical levels in the mid–13% range for the full year of 2026.The statements in the 2026 guidance and production outlook provided above are forward looking. Actual results may differ materially. See our cautionary note regarding "forward-looking statements" below.Conference Call
The Company will host a conference call, which will be simultaneously broadcast live over the Internet. The call is scheduled for tomorrow, March 5, 2026, at 10:00 AM ET. Listeners can access the conference call live and archived over the Internet through the following link:https://app.webinar.net/9AXVJwqopwzPlease allow 15 minutes prior to the call to visit the site, download, and install any necessary audio software. A replay of this call will be available approximately one hour after the live call ends through Thursday, March 19, 2026. The replay number is 1-844-512-2921, Passcode 1167594.About Miller Industries, Inc.
Miller Industries is The World's Largest Manufacturer of Towing and Recovery Equipment®, and markets its towing and recovery equipment under a number of well-recognized brands, including Century®, Vulcan®, Chevron™, Holmes®, Challenger®, Champion®, Jige™, Boniface™, Omars™, Titan® and Eagle®.Forward-Looking Statements
Certain statements in this news release may be deemed to be forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "may", "will", "should", "could", "continue", "future", "potential", "believe", "project", "plan", "intend", "seek", "estimate", "predict", "expect", "anticipate" and similar expressions, or the negative of such terms, or other comparable terminology and include, without limitation, any statements relating to our 2026 guidance and expected production levels (including under the heading "2026 Guidance and Production Outlook"), the growth and effect of the drivers of our long-term business performance, our future production capacity expansion plans (including the timing thereof and anticipated impact on our business), future customer demand levels, our priorities relating to capital allocation, and any potential upside from pending military contracts and their potential effect on revenue and earnings growth. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements also include the assumptions underlying or relating to any of the foregoing statements. Such forward-looking statements are made based on our management's beliefs as well as assumptions made by, and information currently available to, our management. Our actual results may differ materially from the results anticipated in these forward-looking statements due to, among other things: our dependence upon outside suppliers for component parts, chassis and raw materials, including aluminum, steel, and petroleum-related products leaves us subject to changes in price and availability, the cadence and quantity of deliveries from our suppliers, and delays in receiving supplies of such materials, component parts or chassis; our customers' and towing operators' access to capital and credit to fund purchases; the implementation of new or increased tariffs and any resulting trade wars and any resulting macroeconomic uncertainty; the rising costs of equipment ownership, including continuing increases in insurance premiums and elevated interest rates that have added cost pressures to our end users, and fluctuations in the value of used trucks; macroeconomic trends, availability of financing, and changing interest rates; our customers' ability to fund purchases of our products; various international political, economic and other uncertainties, including as a result of changes to trade policies, and new or ongoing military conflicts in the Middle East and Ukraine; increases in the cost of skilled labor; risks relating to our indebtedness, including our ability to maintain compliance with the covenants in our credit facility; special risks from our sales to U.S. and other governmental entities through prime contractors; the cyclical nature of our industry and changes in consumer confidence and in economic conditions in general; changes in fuel and other transportation costs, insurance costs and weather conditions; competition in our industry and our ability to attract or retain customers; changes in government regulations, including environmental and health and safety regulations; our ability to develop or acquire proprietary products and technology; assertions against us relating to intellectual property rights; changes in the tax regimes and related government policies and regulations in the countries in which we operate; our dependence on the continued participation and level of service of our numerous independent distributors; the catastrophic loss of one of our manufacturing facilities; risks relating to acquisitions; environmental and health and safety liabilities and requirements; failure to comply with domestic and foreign anti-corruption laws; loss of the services of our key executives; the effects of regulations relating to conflict minerals; product warranty or product liability claims in excess of our insurance coverage; potential recalls of components or parts manufactured for us by suppliers or potential recalls of defective products; an inability to acquire insurance at commercially reasonable rates; fluctuations of our stock price and involvement with activist shareholders; a disruption in, or breach in security of, our information technology systems or any violation of data protection laws; risks related to our use of artificial intelligence, including generative artificial intelligence and machine learning; and those other risks discussed in our filings with the Securities and Exchange Commission, including those risks discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q, which discussion is incorporated herein by this reference. Such factors are not exclusive. We do not undertake to update any forward-looking statement that may be made from time to time by, or on behalf of, the Company.MILLER INDUSTRIES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

%

%

2025

2024
Change

2025

2024
Change NET SALES $171,168
$221,907
(22.9) %
$790,271
$1,257,500
(37.2) %

COST OF OPERATIONS
144,637

188,449
(23.2) %

669,879

1,086,695
(38.4) %

GROSS PROFIT
26,532

33,458
(20.7) %

120,392

170,805
(29.5) %

OPERATING EXPENSES:

Selling, General and Administrative Expenses
21,071

19,680
7.1 %

88,983

86,322
3.1 %

NON-OPERATING (INCOME) EXPENSES:

Interest Expense, Net
178

384
(53.6) %

660

3,928
(83.2) %

Other (Income) Expense, Net
249

766
67.5 %

(745)

425
275.3 %

Total Expense, Net
21,498

20,830
3.2 %

88,898

90,675
(2.0) %

INCOME BEFORE INCOME TAXES
5,033

12,628
(60.1) %

31,494

80,130
(60.7) %

INCOME TAX PROVISION
1,623

2,096
(22.5) %

8,480

16,636
(49.0) %

NET INCOME $3,410
$10,532
(67.6) %
$23,014
$63,494
(63.8) %

BASIC INCOME PER SHARE OF
COMMON STOCK $0.30
$0.92
(67.5) %
$2.01
$5.55
(63.8) %

DILUTED INCOME PER SHARE OF
COMMON STOCK $0.29
$0.91
(67.6) %
$1.98
$5.47
(63.8) %

CASH DIVIDENDS DECLARED PER SHARE
OF COMMON STOCK $0.20
$0.19
5.3 %
$0.80
$0.76
5.3 %

WEIGHTED-AVERAGE SHARES
OUTSTANDING:

Basic
11,419

11,439
(0.2) %

11,447

11,450
0.0 %Diluted
11,572

11,601
(0.2) %

11,615

11,602
0.1 % MILLER INDUSTRIES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)

December 31,
December 31,
2025
2024ASSETS

CURRENT ASSETS:

Cash and cash equivalents$44,682
$24,337Accounts receivable, net of allowance for credit losses of $1,876 and $1,850 as of December 31, 2025
and December 31, 2024, respectively
198,261

313,413Inventories, net
184,231

186,169Prepaid expenses
12,409

5,847Total current assets
439,583

529,766NON-CURRENT ASSETS:

Property, plant and equipment, net
123,808

115,979Right-of-use assets - operating leases
276

545Goodwill
20,073

19,998Other assets
5,927

727TOTAL ASSETS$589,667
$667,015

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:

Current portion of long-term debt$2,246
$—Accounts payable
78,548

145,853Accrued liabilities
55,602

51,702Current portion of operating lease obligation
176

318Total current liabilities
136,572

197,873NON-CURRENT LIABILITIES:

Long-term obligations
31,055

65,000Non-current portion of operating lease obligation
100

227Deferred income tax liabilities
1,370

2,885Total liabilities
169,097

265,985

SHAREHOLDERS' EQUITY:

Preferred stock, $0.01 par value per share:

   Authorized – 5,000,000 shares, Issued and outstanding – none
—

—Common stock, $0.01 par value per share:

   Authorized – 100,000,000 shares, Issued and outstanding – 11,371,730 and 11,439,292 shares as of
December 31, 2025 and December 31, 2024, respectively
114

114Additional paid-in capital
153,046

153,704Retained earnings
268,798

254,938Accumulated other comprehensive loss
(1,388)

(7,726)Total shareholders' equity
420,570

401,030TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$589,667
$667,015

View original content:https://www.prnewswire.com/news-releases/miller-industries-reports-2025-fourth-quarter-and-full-year-results-302704502.htmlSOURCE Miller Industries, Inc.

Original: MILLER INDUSTRIES REPORTS 2025 FOURTH QUARTER AND FULL YEAR RESULTS